Admission to market making activity on the IDEM

Enrollment of market makers and specialists on the IDEM

Admission on market makers or specialists register requires:

• The intermediary who is willing to become market maker or specialist shall send to Borsa Italiana the application form with the details of status and products it wants to become active on;
• Borsa Italiana shall decide on applications within 30 days from the receipt of the application form;
• Borsa Italiana shall enter the intermediary in the Register;
• Market makers or specialist shall start quoting activity by the date defined by Borsa Italiana with official notice. 

In the application form for stock options and stock futures the intermediary need to specify:

• Primary Market Maker: at least 20 underlyings, of which all underlying belonging to the "Focus Group"
• Market Maker: at least 5 underlying
• Liquidity Providers: at least 1 underlying 

Focus Group composition

At least once a year Borsa Italiana defines the underlyings included in the "Focus Group" as indicated on the Instructions accompanying the Rules of to Borsa Italiana S.p.A.

Exclusion upon request from the list of market makers or specialists
Market makers and specialists that intend to cease their activity, with reference to one or more contracts, must give Borsa Italiana notice in writing at least 30 days before the planned day of cessation. Borsa Italiana may accept shorter notice in cases where the market maker demonstrates the necessity thereof.

IDEM Equity segment:

Application form	Market Makers	Specialists
Enrolment	(file pdf - 72 KB)	(file pdf - 76 KB)
Enlargement	(file pdf - 71 KB)	(file pdf - 71 KB)
Withdrawal	(file pdf - 71 KB)	(file pdf - 71 KB)
Transfer	(file pdf - 74 KB)	(file pdf - 74 KB)

IDEX segment:

Application form	Market Makers	Specialists
Enrolment	(file pdf - 60 KB)	(file pdf - 69 KB)
Withdrawal	(file pdf - 57 KB)	(file pdf - 76 KB)
Transfer	(file pdf - 69 KB)	(file pdf - 67 KB)